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Oil prices fell on Wednesday amid concerns about fuel demand and global economic growth ahead of an expected big hike in interest rates by the Federal Reserve.
Brent crude futures fell $1.27, or 1 percent, to $119.90 a barrel by 1001 GMT.
The price of US West Texas Intermediate crude in July contracts fell $1.44, or 1.2 percent, to $117.49 a barrel.
Rising inflation prompted investors and oil traders to anticipate a big move from the Federal Reserve this week, which is to raise interest rates by 75 basis points, which will be the largest raise in US interest rates in 28 years.
Oil prices received some support from the lack of gasoline supply in the US markets, and US President Joe Biden asked oil companies to explain why they were not pumping more gasoline into the market.
US stocks of crude and distillates rose last week, according to data from the American Petroleum Institute released on Tuesday.
The US Energy Information Administration data on inventories is expected on Wednesday.
